Iraq, OPEC’s second-largest producer, has agreed to the 30% stake instead 40% stake in TotalEnergies long-delayed $27 billion project.
Reuters reported that Iraq has agreed to lower its share to 30% from 40% in the project, which was a dispute as TotalEnergies wants a majority stake. It has experienced several setbacks amid disputes between Iraqi politicians over terms.
Iraq’s cabinet said in a late Tuesday statement that it had approved the amended 30% share “due to the importance of resolving the issue and proceeding with the signing of related agreements,” according to reporters.
The deal was signed in 2021 for TotalEnergies to build four oil, gas, and renewables projects with an initial investment of $10 billion in southern Iraq over 25 years.
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